Minneapolis Fed Board of Directors Begins Search for New President

Minneapolis, June 8, 2015—
The Federal Reserve Bank of Minneapolis board of directors announced plans today to begin its formal search for a new president.

The Federal Reserve Bank of Minneapolis current president, Narayana Kocherlakota, informed the board that he will not seek reappointment to a new term as president of the Bank. He has accepted a position with the University of Rochester and will begin his appointment at the beginning of 2016.

The search committee is led by directors MayKao Hang and Randall Hogan, and includes the Bank’s Class B and C directors (those directors who are not affiliated with a supervised entity). In addition, the search firm Spencer Stuart has been hired to assist with preparation of the position announcement, providing the search committee with resumes of applicants who meet the minimum qualifications, conducting background and credential checks, and providing the search committee with other information, as requested.

“The position of a Federal Reserve Bank president reflects the unique nature of the Federal Reserve System itself, incorporating both public and private sector characteristics. The president’s responsibilities fall into three main categories: First, that of a public policymaker, second, acting as the Bank’s chief executive officer, and third, contributing to Federal Reserve leadership,” said MayKao Hang. “We will seek a broad, diverse group of candidates from within and outside the Federal Reserve System,” said Randy Hogan. “We plan to seek individuals who have the requisite experience to be both a strong policymaker and strong leader for the Reserve Bank and the Federal Reserve System.”